Russian c-bank supports idea to ban cryptocurrency payments

Maria Nikolova

Cryptocurrencies carry significant risks and if there is a legislative decision to prohibit cryptocurrency payments, the regulator will support it.

The Central Bank of Russia has reiterated its skeptical stance regarding cryptocurrencies by stating it would back a ban on cryptocurrency payments if there is a legislative decision to do so. The regulator made its stance clear in a comment provided to RIA Novosti.

“The single legal payment means in Russia is the Ruble. We believe that cryptocurrencies carry significant risks, including risks related to money laundering and terrorism financing”, the central bank’s press office told RIA Novosti.

The legal status of smart contracts, initial coin offerings, and cryptocurrency trading and mining is not defined in Russia at this point.

Let’s recall that, in April 2019, the Russian Public Opinion Research Center (VCIOM) released the results of a survey dedicated to cryptocurrencies. The survey, conducted among 1,600 respondents above 18 years of age, indicated that the hype around cryptos in Russia is subsiding.

More than half of the respondents (56%) claim have certain knowledge about Bitcoin but meager 9% of those surveyed say they have detailed knowledge of Bitcoin. Further 18% say they have heard the term “Bitcoin”.

The survey has shown that the actual knowledge about Bitcoin is relatively poor. For example, among those who have heard of Bitcoin, 37% are confident that anyone can get Bitcoins, whereas 12% believe Bitcoins are banned in Russia.

Bitcoins have not gained popularity among Russians, according to the authors of the research, as 65% of those who have heard of Bitcoin believe investing in them is not profitable. Meager 2% have ever bought Bitcoin.

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